JSW Energy To Acquire CIC Energy Corp For $414 Mn

by Pranay Surakanti

@PRANAY

JSW Energy Ltd is set to acquire CIC Energy Corp, a company incorporated in the British Virgin Islands and listed on the Toronto and Botswana stock exchanges for Canadian $422 Mn (Rs.1,886 Cr / $414 Mn).

JSW will buy all shares of CIC at Canadian $7.42 per share, which is at a premium of 42.7% on CIC’s Monday closing on the Toronto Stock Exchange.

This acquisition will enable JSW to secure long-term coal requirements for its existing projects.

CIC Energy owns and develops coal mines in Botswana in Africa with reserves of about 2.6 billion tonnes of thermal coal, used primarily by power plants.

The acquisition will be carried out by a subsidiary of JSW Energy and is scheduled to be completed by March 31, 2011.

Bangalore based publishing services company MPS Ltd has acquired US based peer TSI Evolve for a total consideration of $1Mn. The acquisition was routed through the company’s US based unit, MPS North America LLC.